Considering that both presumptive presidential candidates are on the record in favor of federal climate-change legislation, many U.S. corporations feel it's only a matter of

time before a company's "carbon footprint" will be subject to public disclosure a la Sarbanes Oxley, which requires companies to disclose business risks in public filings.  Richard O. Faulk, chair of the Gardere Wynne Sewell LLP Litigation Department, says emissions regulation of some type appears inevitable. There's even a clever name for it: Carbox. Faulk predicts a ramp up for law firm climate-change practices as corporate directors and executives work to make sure their companies' have properly disclosed emissiones risks. "Global climate change clearly presents challenges and risks for corporate governance, including Sarbanes-Oxley liability and shareholder suits," he says. "Moreover, companies that go through mergers and acquisitions must undertake due diligence to understand both their own and their negotiating partners' carbon footprints. Uncalculated risks can translate into incalculable liabilities, even criminal prosecution. Wise executives are implementing climate-change strategies now instead of waiting for the government's hammer to fall."